Foreclosure and emotional and mental health

People often think of foreclosure in strictly financial terms. What does it mean for your credit score? How will it impact your ability to get a loan in the future?

These are important questions, but some experts point out that it’s more than money. There is also an emotional side. There’s a mental side. They claim that losing a home can be traumatic in the same way as losing a loved one or getting divorced.

For instance, a person may have family memories or even childhood memories in the home. Maybe he or she grew up there and bought the house from his or her parents when they moved. Losing it to foreclosure means the person can never again go back to these places that are so ingrained in his or her life.

People often have a lot of pride in their homes. They may even view them as an indicator of success. Losing the house can make it feel like the person’s entire life has been a failure. This is clearly going to have more of an impact than just needing a new place to live.

On top of that, there’s the aspect of community. Neighbors have become friends. Family members may live nearby. People are connected to more than just their houses, and that’s also lost in foreclosure.

Has your home beenĀ threatened by foreclosure? It can be incredibly tough. It’s not just about the money. Make sure you know about all of the legal options that you have as you try to lessen the mental and emotional impact.